Mortgage Rates in the Dakotas: What You Should Know

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Mortgage Rates in the Dakotas

With rolling plains and friendly people, North and South Dakota make great places to live. With affordable housing markets and mortgage rates, they’re even greater places to buy a home. Plains Commerce Bank and our mortgage team have everything you need to know about purchasing a home in the Dakotas.

Both North and South Dakota offer mortgage rates and home prices that beat the national averages. Current rates are trending around 4.04 percent, and the national median listing price for a home is $235,000.

Although mortgage rates in 2017 are expected to increase, now is still a great time to purchase a home. See for yourself!

North Dakota Mortgage Rates & Market

The current mortgage rates in North Dakota are:

  • Fixed rate 30-year: 3.83% APRA
  • Fixed rate 15-year: 3.02% APRB
  • Adjustable rate 5/1: 3.20% APRC

At the end of 2016, the state’s median price for a single-family home was $230,000. For new homebuyers, that amount can be scary. Combine the cost with these lower mortgage rates, however, and buyers can still get more house for less money than the national average.

South Dakota Mortgage Rates & Market

Current rates in South Dakota are similar to its northern neighbor.

  • Fixed rate 30-year: 3.84% APRD
  • Fixed rate 15-year: 3.03% APRE
  • Adjustable rate 5/1: 3.22% APRF

Median home prices, however, are lower than in North Dakota. South Dakota homes cost around $181,300 at the end of 2016, which helps offset the higher mortgage rates. No matter which state you choose, you’re sure to find—and afford—the house that makes you feel at home.

We’ll help you get there.

Plains Commerce Bank offers the simplest process and most comprehensive knowledge when it comes to getting a mortgage. We’ll work alongside you to ensure you’re getting the best rate for your situation—and your dream home.

Stop by in person, or contact one of our mortgage bankers today!

[Sources for rates/house prices]

*Note: All rates are effective as of  September 27, 2017 and subject to change daily.

AAverage North Dakota fixed 30-year rate is based on: a $235,000 loan; 20% down payment; 3.625% interest rate; 3.642% APR; conventional 30-year loan with 359 monthly payments of $1,072, effective September 27, 2017. Rates are state averages and may vary by city.

BAverage North Dakota fixed 15-year rate is based on: a $235,000 loan; 20% down payment; 2.990% interest rate; 2.990% APR; conventional 15-year loan with 179 monthly payments of $1,622, effective September 27, 2017. Rates are state averages and may vary by city.

CAverage North Dakota 5/1 ARM is based on: a $235,000 loan; 20% down payment; 3.375% interest rate; 3.798% APR; conventional 5/1 ARM with 60 monthly payments of $1,039. Interest rates remain fixed for the first 60 payments but may adjust monthly throughout the remaining life of the loan. Rates are state averages and may vary by city.

DAverage South Dakota fixed 30-year rate is based on: a $181,300 loan; 20% down payment; 4.375% interest rate; 4.408% APR; conventional 30-year loan with 359 monthly payments of $905, effective September 27, 2017. Rates are state averages and may vary by city.

EAverage South Dakota fixed 15-year rate is based on: a $181,300 loan; 20% down payment; 3.875% interest rate; 3.933% APR; conventional 30-year loan with 179 monthly payments of $1,330, effective September 27, 2017. Rates are state averages and may vary by city.

FAverage South Dakota 5/1 ARM is based on: a $181,300 loan; 20% down payment; 4.434% interest rate; 3.750% APR; conventional 5/1 ARM with 60 monthly payments of $802. Interest rates remain fixed for the first 60 payments but may adjust monthly throughout the remaining life of the loan. Rates are state averages and may vary by city.